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India to inject 229.15B rupees in 13 public sector banks

The Indian government will inject 229.15 billion rupees in13 public sector banks to help them meet capital needs, India's Mint reported July 19, citing astatement from the country's finance ministry.

The amount of capital each bank will receive is based on anassessment of need based on banks' projections of credit growth, the financeministry said.

State Bank ofIndia will receive 75.75 billion rupees in funds, was allocated28.16 billion rupees, while Indian Overseas Bank will get 31.01 billion rupees.Bank of India willget a capital injection worth 17.84 billion rupees.

Other state-run banks that will receive capital supportinclude Central Bank ofIndia, Syndicate BankLtd. and CanaraBank.

The finance minister had previously said the government willallocate 250 billion rupees in the 2016-2017 fiscal budget for capital infusioninto state-run banks. The government will release the remaining amount at alater date but it will depend on certain performance metrics.

Overall, the government plans to infuse 700 billion rupees into public sectorbanks over a period of four years. The move came as public sector banks havebeen grappling withrising bad loans following the central bank took steps to strengthen thebanking system.

As of July 18, US$1was equivalent to 67.16 Indian rupees.